Tanger Factory Outlet Centers, Inc. (NYSE:SKT) COO Thomas E. Mcdonough sold 10,734 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total transaction of $287,027.16. Following the sale, the chief operating officer now owns 180,551 shares of the company’s stock, valued at approximately $4,827,933.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Tanger Factory Outlet Centers, Inc. (SKT) traded up 1.165% during trading on Friday, hitting $26.495. 1,064,921 shares of the stock traded hands. The firm has a 50-day moving average price of $26.42 and a 200 day moving average price of $30.10. Tanger Factory Outlet Centers, Inc. has a 52-week low of $24.71 and a 52-week high of $41.29. The company has a market cap of $2.52 billion, a P/E ratio of 17.593 and a beta of 0.46.

Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.01. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. The firm had revenue of $119.60 million during the quarter, compared to analyst estimates of $122 million. During the same quarter in the prior year, the firm earned $0.59 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts expect that Tanger Factory Outlet Centers, Inc. will post $1.02 EPS for the current year.

Tanger Factory Outlet Centers announced that its board has approved a stock buyback plan on Friday, May 19th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the real estate investment trust to buy up to 54% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be given a dividend of $0.3425 per share. This represents a $1.37 annualized dividend and a dividend yield of 5.23%. The ex-dividend date is Thursday, July 27th. Tanger Factory Outlet Centers’s payout ratio is currently 90.73%.

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Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Tanger Factory Outlet Centers by 2.6% in the first quarter. Vanguard Group Inc. now owns 15,108,109 shares of the real estate investment trust’s stock valued at $495,093,000 after buying an additional 384,258 shares during the last quarter. BlackRock Inc. raised its stake in Tanger Factory Outlet Centers by 2,800.6% in the first quarter. BlackRock Inc. now owns 11,216,024 shares of the real estate investment trust’s stock valued at $367,550,000 after buying an additional 10,829,338 shares during the last quarter. State Street Corp raised its stake in Tanger Factory Outlet Centers by 8.6% in the first quarter. State Street Corp now owns 10,158,106 shares of the real estate investment trust’s stock valued at $332,880,000 after buying an additional 805,917 shares during the last quarter. Morgan Stanley raised its stake in Tanger Factory Outlet Centers by 9.8% in the first quarter. Morgan Stanley now owns 5,353,601 shares of the real estate investment trust’s stock valued at $175,438,000 after buying an additional 477,744 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Tanger Factory Outlet Centers by 22.1% in the second quarter. Bank of New York Mellon Corp now owns 2,441,323 shares of the real estate investment trust’s stock valued at $63,426,000 after buying an additional 441,736 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

A number of analysts recently issued reports on SKT shares. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a report on Saturday, July 15th. ValuEngine downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Jefferies Group LLC downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $38.00 to $29.00 in a report on Friday, June 16th. Citigroup Inc. upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a report on Monday, June 12th. Finally, Boenning Scattergood set a $25.00 price objective on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $32.43.

About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.

Insider Buying and Selling by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

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